The battle for talent is fierce – how will you stand out amongst the crowd to attract, develop, excite and retain talented people?
The battle for talent is a business reality that calls for a revolutionised approach to talent management. CBI report that 45% of UK businesses revealed plans to expand their workforce in 2019, making attraction a top priority for many organisations in an increasingly competitive market. The battle is never truly over, employees have more choice and are more mobile than ever before and so the focus turns to motivation, development and therefore retention. If not, employers risk losing two to three times an employee’s annual salary in terms of intellectual capital, client relationships, productivity and experience, plus the cost of recruiting their replacement – if they can find one! (Deloitte, 2018). But how do we entice talented people to join us, and crucially, ensure they stay?
Put the human back in human resources – treat employees ‘humanly’ not just humanely (Schaefer, 2018). Acknowledge their needs to be appreciated, to belong and to contribute. Recognise people as your crucial asset, create an environment in which employees feel valued and you can expect value in results.
Use your brain – recruitment and retention is fundamentally a question of psychology. Employers need to understand who their employees are and the spectrum of their motivations to deliver a truly human centred approach that focuses on people not processes. Harness the individual powers of your people.
Energise and engage – high levels of employee engagement have been correlated with improvement in business performance by up to 30%. Figures suggest that firms with a high engagement score have revenue levels on average 4.5 times higher than those with the lowest (Hay Group, 2018). High performers leave when they feel unproductive, underdeveloped and undervalued. Nourish the proven link between engagement and performance to reward both your employees and the bottom line.
Take development personally – two out of three UK workers in 2018 quit their jobs due to a lack of learning and development opportunities. Research also shows that three quarters of candidates were more likely to quit if their employer did not provide a clear development plan (Robert Half, 2018)
The figures show we risk a tremendous amount of unrealised potential by not developing our passionate people that we spent so much time on attracting into our organisations. Those who make development a front-line business priority will be in high demand with high performers.
Start now, build a talent mind-set within your company that recognises that the talent pool is critical to achieving the aspirations of the organisation. Join us on the 31st of May to hear from our panel of experts on their experience in meeting the ever-changing needs to attract and retain their target talent.
If you would like to hear more about how business leaders and talent attraction experts have responded to the battle for talent head on, join us on the 31st May for our first Lessons from Leaders panel session. You’ll hear about innovative strategies across sectors and how some organisations are planning for expectations of workplaces of the future.
Our panel will explore this challenge from different perspectives sharing their experiences, good and bad and providing food for thought around our preparation for changing workplaces and talent expectations in the near future.
Location: The MAC, Belfast
Time: 8.30 to 10.00am
For more information contact Bethany.O’Neill@thinkpeople.co.uk
By Bethany O’Neill – Junior OD & Talent Consultant